Phases 1 and 2 of the Acquisition Process
If you don't know where you are going, any road will get you there.
—Lewis Carroll, Alice in Wonderland
The ultimate success or failure of any M&A transaction in satisfying expectations often is heavily dependent on the answer to a simple question. Was the justification for buying the target firm based on a sound business strategy? No matter how bold, innovative, or precedent-setting a bad strategy is, it is still a bad strategy.
In a bold move that is reminiscent of the rollout of Linux, Nokia, a Finnish phone handset manufacturer, announced in mid-2008 that it had reached ...